Metaplanet said a 5,014 BTC transfer worth roughly $320 million was an internal custody reshuffle rather than a sale, with CEO Simon Gerovich saying the company still holds 43,000 BTC and that the move was visible because the company publishes its Bitcoin addresses. The public wallet activity prompted rumors of a liquidation after withdrawals from addresses linked to the firm were flagged online, a reaction sharpened by recent Bitcoin sales from Strategy, which has sold 6,948 BTC for about $432.5 million this year. The Tokyo-listed company has continued to expand its Bitcoin treasury, buying 7,898 BTC for 99.78 billion yen in the first half of 2026, including 5,075 BTC in the first quarter and 2,823 BTC between April and June, lifting holdings to about $3 billion without selling any Bitcoin. First-half disclosures show revenue of 4.94 billion yen and operating profit of 3.33 billion yen for the six months ended June 30, but a net loss of 182.77 billion yen driven mainly by a 184.30 billion yen non-cash valuation loss on its Bitcoin holdings. Metaplanet is also leaning more heavily on debt and collateralized financing as common-share issuance became less attractive with mNAV near or below 1.0. Alongside an $414 million draw on a $500 million Bitcoin-backed credit facility, the company has launched BitBonds, a fixed-rate debt program it said could support future Bitcoin purchases and other corporate purposes. The structure broadens its capital-markets strategy, but it also leaves the company with repayment obligations even if Bitcoin prices fall.